TenX Analysis – Still no buy signal

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Last analysis in September will be about the TenX. Previously, we mentioned this altcoin on the 26th of July, when the price was on a very important support. Back then, there was no clear trading signal. Instead of that, PAY was waiting for a proper price action to point us a direction for the forthcoming weeks:

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“As for now, the price is on a very important mid-term support. Bounce from the yellow area will give us a buy signal and a breakout will do the opposite- trigger a signal to go short. „

Back in that day, the price bounced from that support. We went from the 0.85 USD to 1.16 USD few days later. Nice! That was it though. In the next few days, the price went lower and broke the support mentioned before. First, we got a profitable buy signal and then a profitable sell one. Why? Because after the breakout of the 0.85 USD, the price went significant lower – to the 0.5 USD in the middle of August.

What is the situation now?

PAY broken the down trendline (pink) and the upper line of the triangle (red). In theory that is positive but the thing is that we are still below the orange resistance. As long as we stay below the 0.68 USD, there is no buy signal here and most probably, the price will continue to fall.

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By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.